The hashrate of the leading cryptocurrency network has fallen to 970 EH/s, marking its lowest level since September 2025. Winter storms in the United States forced local miners to disconnect from the network, explained Glassnode.
The value has decreased by approximately 12% over the past four months. This correction is the most significant since 2021, when Chinese authorities banned cryptocurrency mining.
On January 24, the hashrate (7DMA) hit a low of 690 EH/s after most of the equipment was shut down by the Foundry USA mining pool.
Analysts noted that the decline began even before Bitcoin plummeted from $126,000 to $100,000.
According to experts, mining revenues have sharply declined amid falling prices and operational disruptions. Daily revenue from cryptocurrency mining dropped from $45 million to an annual low of $28 million within days, only partially recovering to ~$34 million.
This reflects both a reduction in block production and a worsening price environment, according to Glassnode.
Moreover, the profitability of mining companies has significantly deteriorated: the profit/loss sustainability index fell to its lowest since November 2024, reaching 21.
“The situation indicates extremely low profitability for mining companies under current price conditions and mining difficulty, even after numerous downward adjustments in difficulty,” the researchers added.
Earlier, on January 20, a solo miner mined block #933,034 on the Bitcoin network. His reward amounted to 3.131 BTC ($289,191).